Copper Search Limited Secures Exclusive Option for 944km² Gold & Copper Project in NSW with a $700K Milestone Deal

Friday, May 23, 2025
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9:18 am
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Copper Search Limited has secured a 944km² exploration package in NSW’s Lachlan Fold Belt via an exclusive option to acquire a key project from Rimfire Pacific Mining Limited. The initiative targets promising gold and copper-gold deposits near operating mines, supporting data-driven drilling decisions.

Copper Search Limited has announced a major strategic move to secure an expansive ground position and enhance its exploration pipeline across New South Wales. The company has secured a combined 944km² project area in the Macquarie Arc – Lachlan Fold Belt, which consists of a six‐month exclusive option to purchase 455km² of the Cowal Project held by Rimfire Pacific Mining Limited, and 489km² under its own ELA 6903 tenement. The project, known as the Theseus Gold and Copper Project, is located 25km east of an operational gold mine and is set in a region that hosts several major profitable mines in Australia’s premier porphyry copper‐gold province. The announcement details that historical drilling and geochemical data have identified several promising targets on the property. In particular, historical diamond core drilling at Porters Mount Prospect has returned intervals with gold, silver, and arsenic mineralisation, typical of epi-thermal systems, and air core drilling at the LFB022 Prospect has highlighted anomalous copper values. During the six-month option period, Copper Search Limited will consolidate historical exploration data, conduct modern geochemistry analysis, and use proprietary machine learning techniques to rank drill targets. The deal is structured to allow the company to complete due diligence before committing significant capital, with the outright purchase costing $200,000 (or up to 50% in scrip at the company’s election) along with milestone payments based on the achievement of a JORC-compliant mineral resource estimate and first production thresholds. Technical indicators provided in the release include detailed drilling highlights and assay results from various probes at both shallow and deep levels. These include intervals such as 20 meters at 0.73 g/t gold and 78 meters with significant gold and arsenic values, demonstrating both high-grade mineralisation and the potential for more extensive targets at depth. Additional exploration by field crews at the Byrock Project in northern New South Wales further underscores the company’s broader ambition to build a pipeline of large-scale drill targets in Australia and North America. From a sentiment perspective, the news supports a bullish view as Copper Search Limited takes a cautious yet opportunistic approach to expansion. The acquisition of significant tenement acreage in a proven mining district, combined with the flexibility to walk away based on further due diligence, reflects strong strategic positioning for future value creation. The use of advanced data analytics to reassess historical results adds an element of innovation that could enhance discovery potential. Conversely, some bearish investors may point to the inherent risks of early-stage exploration and reliance on historical data, as well as potential dilution from share-based payments. Overall, while the exploration phase carries uncertainties, the company’s measured approach and significant land package indicate promising long-term upside for shareholders.

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